Genco Shipping takes delivery of new Capesize vessel

Genco Shipping & Trading Limited (NYSE: GNK) announced the delivery of the Genco Volunteer, a 182,000 deadweight tonnage Capesize vessel built in 2019 by Imabari and equipped with a scrubber, according to a press release.

The vessel will be deployed in the spot market. The company stated that since the fourth quarter of 2023, it has invested over $400 million in seven modern Capesize and Newcastlemax vessels, generating an internal rate of return of approximately 30% to date.

John C. Wobensmith, Chairman and Chief Executive Officer, said, "We have taken deliberate steps to expand our fleet of premium-earning assets, enhancing our dividend capacity and positioning Genco to capitalize on a strong drybulk market."

With the addition of the Genco Volunteer, the company's fleet now includes 20 Capesize and Newcastlemax vessels. Genco's total fleet consists of 43 vessels with an average age of 12.8 years and an aggregate capacity of approximately 4,935,000 deadweight tonnage.

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